Investment Rating - The investment rating for Bilibili-W (09626.HK) is "Outperform" [1][4][13] Core Viewpoints - 2026 is expected to be a significant year for the gaming industry and AI application advertising, which will likely lead to increased advertising revenue and profits for Bilibili [2][3][5] - Bilibili is anticipated to capture more advertising budgets from gaming and AI application advertisers, driving revenue and profit growth [3][5] - The gaming sector is projected to see a rapid increase in game licenses in 2025, with a nearly 60% year-on-year growth in the number of licenses for App/PC/console games (excluding casual games), leading to an expected over 30% year-on-year growth in Bilibili's gaming advertising in 2026 [3][5] - For AI applications, advertising budgets are expected to increase significantly in 2026, with Bilibili's user base overlapping with the core audience of AI applications, allowing advertisers to acquire high-retention users [3][5] Revenue and Profit Forecast - Revenue forecasts for Bilibili are maintained at 30.2 billion, 32.6 billion, and 36.5 billion for 2025, 2026, and 2027 respectively, with adjusted net profits projected at 2.5 billion, 3.4 billion, and 4.6 billion for the same years [4][13] - The daily active users (DAU) for Bilibili are expected to maintain a growth rate of over 5% in 2026, with an increase in ad load from 6.7% to 7.1% and a projected 5% growth in ECPM [6][7]